Power of Attorney
The workings of a power of attorney
A power of attorney is a document giving a person the power to make decisions and transact business for another person. A person choosing to make a power of attorney is called the principal and the person receiving the power to act for another is called the attorney in fact. In making a power of attorney, the principal must first decide on a trusted, reliable and honest person to be their attorney in fact and then determine what powers to give the attorney in fact.
The principal can give the attorney in fact limited powers with the power to conduct minimal tasks like managing bank accounts or signing checks, or the principal can give the attorney in fact broad, general powers with power to handle all the monetary and personal affairs of the principal. The principal must decide whether the powers take effect right away or take effect when the principal is unable to manage their affairs because of incapacity. It is a good idea to have language in the power of attorney to make it durable so that the powers contained in the document are not effected by the principal’s incapacity.
Powers of attorney are powerful documents designed to help people conduct personal and business matters when they are unavailable or incapable of doing so themselves. Rob McCarthy Law is very experienced in helping people navigate the ins and outs of powers of attorney. Please call today and discuss your legal needs with an experienced power of attorney lawyer.
*The above information is very general in nature and should not be considered or relied upon as legal or any other type of advice. If a reader has any legal problem immediately consult an attorney for specific legal advice. If a reader has a medical or psychological issue, immediately consult with a medical professional. See the disclaimer tab at the top of the page for more information.